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Target EPS $1.23 vs. $1.12 estimate; revenue of $16.17B

Target on Wednesday reported earnings that topped Wall Street's expectations by 11 cents a share and rose slightly over the prior year, while revenue were roughly in line.

Yet given what the company characterized as a "difficult" retail environment, Target lowered its guidance for the full year.

The retailer's shares were slightly lower in pre-market trading.

"While we recognize there are opportunities in the business, and are addressing the challenges we are facing in a difficult retail environment, we are pleased that our team delivered second quarter profitability above our expectations," said Brian Cornell, chairman and CEO of Target, in a statement.

The bull's-eye retailer said it earned $1.23 a share in the fiscal second quarter on $16.17 billion in revenue. Analysts had expected Target to report earnings of $1.12 a share on $16.18 billion in revenue.

In last year's...